eApartment Life

Developers are thinking small when it comes to studio apartments. The average size of studio units has shrunk by 54 square feet to 445 square feet since 2014, making them 10% smaller today than they were a decade ago, according to a new report from RentCafe. #apartment #ApartmentLiving #multifamily

Multifamily real estate is at a turning point. The demand for multifamily housing remains high due to the ongoing housing shortage and more new apartments are coming on the market in 2024 than in any year since Richard Nixon was president, creating entrepreneurial opportunities for visionary startups. https://lnkd.in/gJjEEyTZ

Out of the 100 largest U.S. cities, 71 saw rents fall from September 2022 to September 2023.

Investment firm KKR acquired a portfolio of 18 multifamily real estate assets on Tuesday from a closed end fund sponsored by developer Quarterra Multifamily for about $2.1 billion.The portfolio includes 5200 units among several states KKR will partner with prominent multifamily real estate operators Carter-Haston, MG Properties and Dalan Real Estate to operate the assets. For renters, this might not be a good thing. reduced services and increased rents are common with private equity ownership of multifamily properties. KKR #multifamily #privateequity

In 2022, Wells launched a credit card with Bilt Technologies, a fintech startup with big-name backers including Blackstone and Mastercard. The co-branded card came with a rare perk: Users can pay for rent with it without incurring fees from their landlords while also earning rewards points. More than one million accounts were activated in the first 18 months, many by young adults. About six months after the credit card was launched, Wells began paying Bilt a fee of about 0.80% of each rent transaction, even though the bank isn’t collecting interchange fees from landlords. Wells also pays Bilt $200 each time a new card account is issued The credit-card program helped catapult Bilt’s valuation to $3.1 billion in a January fundraising round, up from $1.5 billion in late 2022. But Wells is losing as much as $10 million every month on the program. The financial losses triggered a renegotiation of the program that has been under way for months. Wells has told Bilt that it doesn’t intend to renew the contract, which is scheduled to end in 2029. With this miscalculation of the revenue model by Wells Fargo, what happens to the valuation of Built... thoughts? Bilt Rewards Wells Fargo #apartmentliving Source: https://lnkd.in/gk7bJUfW

Interesting read with your morning coffee ☕ Boston and several other cities are starting a crackdown on dangerous food delivery drivers and the city is demanding answers from the heads of DoorDash, Grubhub and Uber Eats. "Many of these drivers are operating unregistered vehicles. We have witnessed widespread and ongoing incidents of running red lights, driving on city sidewalks, driving the wrong way down one-way streets, driving at speeds in excess of posted limits, and collisions," the letter states. "This type of operation puts the delivery driver, and any pedestrian or driver of a motor vehicle who encounters them, in imminent danger." This letter was sent from Boston's police commissioner to DoorDash CEO Tony Xu, GrubHub CEO Howard Midgal and Pierre-Dimitri Gore-Coty, the senior vice president of delivery for Uber. The increased traffic, carbon emissions and the above stated dangerous driving, especially in multifamily communities are issues that is being considered in the upcoming launch of a new methodology of food delivery services. #fooddelivery #uber #doordash #grubhub #multifamily https://lnkd.in/gfs4pRJB

Pensions, like sovereign-wealth funds, university endowments and family offices, generally either buy properties outright or invest through private fund managers. Some analysts and pension advisers suspect those managers are themselves slow to report losses. Share prices of publicly traded real-estate investment trusts have generally fallen much further than private marks. #pensionfunds #multifamily

https://lnkd.in/gx3fyHHw

Interesting thoughts on the Dallas market... #Dallas #multifamily #apartmentliving

There's a singular company behind the exorbitant housing prices in Arizona and D.C. though the states are thousands of miles away from each other. The attorney general of the District of Columbia calls the company an illegal housing cartel due to the tactics used and the money made. The company is called RealPage, which uses an algorithm that pulls from renters confidential information to skew the housing prices. "We're talking about an algorithm that aggregates otherwise confidential information that the landlords have that ordinarily they would not share with their competitors," Washington D.C. Attorney General, Brian Schwalb says. "That allows then the algorithm to spit out a pricing recommendation. All designed to keep the overall market at its highest peak." #apartmentliving #multifamily